Bharti Telecom purchases a further Rs 8,301 crore stake in Bharti Airtel

4 Dec 2023 , 10:45 AM

In an open market deal, Bharti Telecom, the promoter of Bharti Airtel, paid Rs 8,301 crore on Friday to acquire a 1.35% stake in the nation’s second-largest telecom services provider.

Bharti Telecom acquired more than 8.11 crore shares, or 1.35% of Bharti Airtel, based on block deal data that is available with the National Stock Exchange (NSE). In addition, the shares were purchased for an average of Rs 1,023 each.

In the meantime, Indian Continent Investment Ltd., another promoter group company, sold the same quantity of Bharti Airtel shares for the same price. 50.56% of BTL is owned by Sunil Mittal’s Bharti Enterprises, and the remaining 49.44% is owned by Singapore Telecommunications, or Singtel.

Bharti Telecom would now own a 39.7% direct share in Bharti Airtel as a result of this acquisition. The promoter group firm Indian Continent Investment Ltd., which as of September 30, 2023, owned a 5.93% share in Bharti Airtel, sold the stake to the company.

Singtel enterprises, formerly known as Singapore Telecommunications, sold a combined 1.76 percent share in Bharti Airtel in September of the previous year for a total estimated value of Rs 7,128 crore. Through an open market deal, Bharti Telecom, the promoter of Bharti Airtel, paid Rs 6,602 crore to buy a 1.63% share from Pastel Ltd, a Singtel entity.

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